Can the home loan insurance be substituted by the Whole life insurance?

[CA_Amit]

I feel cheated by my insurance agent into buying 2 Whole life policies totalling a premium of Rs.1 lac per year. The first year premium I had paid last year in May, 2010.
I have 2 questions:
1) How can I get out of this. Is it best after 1 year, 3 years or 5 years?

You can getout any time(3 and 5 years are for ULIPs, but just check the surrender value (if any, read policy wording for this). Also take term insurance before surrendering any life insurance policy.

2) I have recently taken a huge home loan and the insurance on the home loan amount comes to about Rs.3.5 lacs. Can the home loan insurance be substituted by the Whole life insurance?
Any replies will be much appreciated. Thanks.

Yes, you can.
3.5 lacs is premium?